LONDON, April 18: The value of Indian-backed foreign takeovers hit a record in 2006 due to Tata Steel's purchase of Anglo-Dutch steelmaker Corus, according to data published on Wednesday that highlighted the financial firepower of corporate India.

Market researcher Dealogic revealed that Indian companies spent a record $23.126 billion (17.025 billion euros) in foreign acquisitions last year.

That marked an increase of 417 percent compared with $4.469 billion in 2005.

Around 57 per cent of the total value of Indian takeovers in 2006 were in the steel and metals sector, according to Dealogic.

Tata Steel snapped up Anglo-Dutch steelmaker Corus last year for $13.7 billion in what remains the biggest-ever foreign takeover by a company in the Asian emerging power.—AFP